John Bell III, executive director of the Department of Veterans Affairs’ Loan Guaranty Service, is leaving his position.
The longtime mortgage skilled and U.S. Navy veteran had been the executive at LGY since 2022, and spent 15 years on the VA, in keeping with his biography. In a Linkedin submit late Sunday evening, he introduced his remaining day at LGY, however didn’t say if he was resigning, retiring or transferring on to a different position.
“After three many years devoted to mortgage finance, spanning roles within the personal sector and VA Housing, right this moment marks my remaining day at LGY,” his submit learn. “… It has been an honor main the distinctive crew at LGY, and I’m grateful for the prospect to contribute to such significant work.”
His announcement included a listing of accomplishments on the VA, together with creating efficiencies in mortgage processing and helping practically 150,000 veterans in avoiding foreclosures prior to now yr alone. Bell additionally famous the VA mortgage market share rose from below 1% to 14% right this moment.
Industry veterans together with former leaders of presidency housing businesses congratulated Bell on social media. Bell’s e mail handle was disabled Monday morning, and the VA did not return a direct request for remark.
According to his biography and LinkedIn, Bell started his profession in mortgage finance in school in Tennessee, and held posts at varied lenders. Prior to the VA, he spent seven years at Bank of America the place he oversaw the corporate’s VA mortgage portfolio.
The LGY chief led the VA’s house mortgage arm by means of many adjustments, together with most lately the passage of a foreclosures prevention invoice to interchange a post-pandemic program. The VA with the earlier iteration bought over 17,000 loans value over $5 billion in a 12-month span.
Under Bell’s management the VA modernized its know-how, permitting lenders to instantly submit mortgages from a mortgage origination system to the VA, and including a brand new digital portal for lenders to trace upkeep duties. The VA in 2023 additionally modified its oversight insurance policies to handle appraisal bias.
According to Bell’s submit, the VA additionally trimmed common days to shut from 60 days to 30, and lower eligibility determinations from 22 enterprise days to a single day. The VA portfolio additionally grew to $1.5 trillion, he stated.
The Trump administration induced some consternation on the VA earlier this yr, because the Department of Government Efficiency claimed to terminate 4 contracts totalling $59 million associated to LGY operations. In a March listening to, Bell couldn’t clarify to lawmakers how DOGE had impacted LGY, and it has been unclear since if the VA’s mortgage division misplaced employees or assets.
